Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Newsmaker] Apple Pay in final-stage talks to enter Korean market
Apple Pay is in the final stage of talks with local credit card issuer Hyundai Card to start its Korean services by the end of this year, according to news reports on Wednesday. Apple’s digital payments service, launched in 2014, has since expanded its Asian reach, including China, Japan, Singapore and Hong Kong. But it has struggled to enter Korea mainly due to a lack of technological infrastructure here. Most local retailers use the magnetic secure transmission technology, in which devic
Sept. 7, 2022
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Korea submits bid to host Busan Expo 2030
SEJONG -- South Korea on Wednesday turned in a formal bid to host the World Expo 2030 in its second-largest city of Busan to the Bureau International des Expositions. A Korean delegation, led by First Vice Minister of Industry Jang Young-jin, stressed the distinctive merits of Korea and Busan, as well as the government’s strong will, during a meeting with BIE Secretary-General Dimitri Kerkentzes at the organization’s headquarters in Paris. The bid details that Busan had successfull
Sept. 7, 2022
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Airlines prepare for Chuseok spike in demand
The aviation industry is gearing up to cater an increase in travel demand ahead of Chuseok, the Korean thanksgiving holiday that kicks off Friday. South Korea’s flag carrier Korean Air is operating two more flights from Gimpo to Jeju starting Wednesday until Sept. 13. These flights are operated using larger aircraft to accommodate 11,000 more passengers, which is a 10 percent increase in the airlines number of seats along that route for the Chuseok holiday. Asiana Airlines, the country&rsq
Sept. 7, 2022
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Seoul shares tumble, local currency at over 13-yr low amid recession woes
Seoul shares tumbled on Wednesday as foreigners and institutions dumped holdings amid worries over the US Federal Reserve's continued aggressive rate hikes and their impact on the global economy. The Korean won also slid to the lowest point in more than 13 years. The Korea Composite Stock Price Index (KOSPI) fell 1.39 percent, or 33.56 points, to 2,376.46. Trading volume was moderate at 370.02 million shares worth 7.29 trillion won (US$5.3 billion), with decliners outpacing gainers 768 to 1
Sept. 7, 2022
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Hyundai Motor Group opens Korea’s largest driving experience center
Hyundai Motor Group said Wednesday that it has opened the country’s largest driving experience center in Taean, South Chungcheong Province, in an aim to lead the country’s automotive culture. The HMG Driving Experience Center is located on 1.26 million square meters of land that was formerly used as Hankook Tire’s automotive proving ground Technoring. It is the largest proving ground in Asia. The center also includes a second-story building to accommodate 15,000 visitor
Sept. 7, 2022
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Typhoon-hit Posco plant comes to complete halt for first time
South Korean steel giant Posco said Wednesday it has suspended operations of its steel manufacturing plant in the southeastern city of Pohang, Gyeongsang Province, due to flooding caused by Typhoon Hinnamnor that passed by the peninsula Tuesday. It is the first time that operations at the Pohang plant has come to a complete standstill since its establishment in 1973. The suspension comes after storms and heavy rains swept the region, causing power outage at key facilities at the plant, in
Sept. 7, 2022
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GS Group shares new biz plans
GS Group’s executives in charge of tapping new businesses gathered on Wednesday to share where they stand in mergers and acquisitions, business partnerships and venture investments under the conglomerate’s new biz strategy -- “eco-friendly, digital future growth.” The executives shared details such as the technology and business models of the companies they have invested in, and opportunities for collaboration between the firms and GS in areas including biotech, circular
Sept. 7, 2022
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SK Broadband invests $4m in collaboration platform developer Swit
SK Broadband has decided to invest $4 million (5.5 billion won) in US collaboration platform developer Swit as the company seeks to boost its competitiveness in the business-to-business sector, the South Korean internet service provider said Wednesday. On top of the investment, SK Broadband said the company will become the sole distributor of Swit in the domestic market while pushing for collaboration businesses including new products that will integrate its message and fax services with Swit&r
Sept. 7, 2022
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Eximbank to offer $100m financing to Chilean lithium producer
The Export-Import Bank of Korea said Wednesday it is offering a $100 million funding, consisting of a $55 million loan and a $45 million loan guarantee, to a Chilean mineral producer in efforts to help local companies secure a stable supply of lithium, a key material for batteries. SQM or Sociedad Quimica y Minera de Chile is the second-largest lithium-producing company in the world that operates lithium mines in Chile and Australia. The company’s production capacity makes up almost 19 pe
Sept. 7, 2022
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MBK chairman to donate $10m to New York’s Met Museum
Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim will donate $10 million to help the renovation work of the Metropolitan Museum of Art in New York, both the firm and the museum said Wednesday. “The Metropolitan Museum of Art announced today that Michael ByungJu Kim has pledged $10 million to support the renovation of the Museum’s Oscar L. and H.M. Agnes Hsu-Tang Wing for modern and contemporary art," the Met said in an official press relea
Sept. 7, 2022
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Mercedes-Benz hosts school-zone traffic safety campaign
Bettina Fetzer, vice president of communications and marketing at Mercedes-Benz AG, participated in a campaign on Wednesday promoting school-zone traffic safety in front of an elementary school located in Songpa-gu, southeastern Seoul. The campaign, co-hosted by the Mercedes-Benz Corporate Social Responsibility Committee and the Kids & Future Foundation, was conducted as part of a business agreement signed in April with the Green Mother’s Society, a local advocacy group for children’
Sept. 7, 2022
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LG Innotek gains recognition from GM for 5 consecutive years
LG Innotek was acknowledged for its quality of automotive components provided to General Motors for five consecutive years, the company said Wednesday. The South Korean major electronics parts maker won the 2021 GM Supplier Quality Excellence Award, marking its fifth consecutive win since 2017. The award is given by GM every year to its partners whose supplies meet GM’s standard of zero quality defects. The auto parts go through strict quality control, as they are directly connected to t
Sept. 7, 2022
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Hongik Univ. students win top James Dyson Awards
The James Dyson Foundation, global home appliance company Dyson's charity arm, announced Wednesday the local recipients of the James Dyson Awards 2022, an engineering competition held both locally and internationally to provide opportunities for young engineers to showcase their ideas on a global stage. Of the 125 entries, a team of students from Hongik University took first place for designing a rotating safety hook. When temporary scaffolding is raised at construction sites, there are poi
Sept. 7, 2022
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Won dips below 1,380 level per dollar for 1st time in more than 13 years
The South Korean currency on Wednesday declined below the 1,380-won level against the U.S. dollar for the first time in more than 13 years during intraday trading amid a sharp decline in the country's current account surplus. The local currency had been trading at 1,387.30 won per dollar as of 11:25 a.m., down 15.60 won from the previous session's close. In the morning session, the won slid to as low as 1,388.40 against the greenback at one point. It marked the first time that the Kore
Sept. 7, 2022
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Seoul shares open lower on US losses; local currency plunges
Seoul stocks opened lower Wednesday, tracking losses on Wall Street as investors remained concerned over the US Federal Reserve's aggressive rate hikes to combat runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 0.71 percent, or 17.06 points, to 2,392.96 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq dropped 0.7 percent amid worries over the Fed's continued rate increases and a looming energy c
Sept. 7, 2022
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S. Korea's current account surplus plunges as goods balance turns red amid soaring import bills
South Korea posted a current account surplus for the third straight month in July, but the surplus plunged as the goods balance turned red for the first time in about 10 years due to fast-rising import costs of energy and other commodities, central bank data showed Wednesday. The country's current account surplus came to $1.09 billion in July, compared with a surplus of $5.61 billion posted a month earlier, according to the preliminary data from the Bank of Korea (BOK). The July surplus was
Sept. 7, 2022
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Hyundai Motor to develop automation tech for world's first smart cargo terminal
Hyundai Motor Group has teamed up with Hanjin KAL, the parent firm of national flag carrier Korean Air, and Incheon International Airport Corp. on Tuesday to jointly develop automation technology for Incheon Airport's smart cargo terminal infrastructure. The technology will be applied to Incheon Airport’s airsides, the aircraft take-off and landing areas such as runways. This business agreement is part of the IIAC’s project, initiated in April, last year, to prepare infrastructure fo
Sept. 6, 2022
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SK hynix to spend W15tr on new memory chip fab in Cheongju by 2025
South Korean memory chip giant SK hynix announced on Tuesday plans to build a new memory chip fab in Cheongju, North Chungcheong Province by early 2025 and spend 15 trillion won ($10.9 billion) in the next five years on the new site. The new two-story fab on 60,000 square meters of land, called M15X, will start construction in October. The new plant will be an expansion of the existing M15 line built in 2018. SK hynix said the memory product manufactured by the new fab has yet to be determined
Sept. 6, 2022
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Corporate tax cuts to increase by W1.4 tr in 2023
SEJONG -- The scale of tax cuts for businesses will increase by more than 1 trillion won ($727 million) on-year in 2023, with its portion of total tax cuts for the overall sectors rising, state data showed Tuesday. According to next year’s budget on tax expenditures, submitted by the Finance Ministry to the National Assembly, the collective tax cuts for the overall sectors are estimated at 69.3 trillion won. Of them, corporate tax cuts -- including deductions for spending on fostering ma
Sept. 6, 2022
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South Korea to see trade deficit for time being: Bank of Korea
Higher energy import bills, prompted by changes in the global economy, are to blame for the five-month trade deficit since April, with the trend likely to continue for the next three months, the Bank of Korea said Tuesday in a research paper. The August trade deficit came to $9.47 billion, a monthly record since 1956 when the Trade Ministry began to collect such data. The January-August deficit of $24.7 billion has already surpassed the yearly high set in 1996. Higher prices of energy and petrol
Sept. 6, 2022